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Solution
Adding Value through People Practices
practices greatly enhance the value of a company by creating a pleasant workplace, raising employee happiness, and, where needed, matching the workforce with the needs of the business. By helping new hires become acclimated to the company culture and its norms, effective orientation programs, for example, drastically reduce employee turnover. If new hires are taken care of from the very beginning of their employment, they are more likely to be engaged in their work from the get-go, which in turn increases productivity and retention.
Measuring Impact of People Practices
Return on Investment (ROI): ROI is a method for calculating the return on investment (ROI) of investments in activities that result in sales revenue generating. More specifically, it specifies the extent to which human resource operations yield benefits relative to expenses in the domain of people practices (Economist, 2023). The rate of return would be 200% if the training program cost £10,000 but increased production by £30,000. Investments in HR initiatives are backed by this metric, which quantifies the cost of people practices.
Surveys of Employees: Employee surveys are a quantifiable way to gauge engagement, contentment, and feedback on current procedures. Employees’ levels of job happiness, their perceptions of management’s support, and their level of commitment to the company’s ideals are all measurable through the use of feedback questionnaires. Organisational performance and employee happiness can be enhanced through survey analysis, which helps determine the efficacy of HR practices and suggests improvements.
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